28 Dec 2018 saw plenty of big D-FW real estate buys and deals
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With the North Texas real estate market enjoying one of the longest booms on record, it’s tempting not to worry about the year ahead.
But changes this year are already signaling that 2019 may see a shift in the market.
While job growth in Dallas-Fort Worth is still booming and more than 200 people a day are moving to the area, some property sectors began to moderate in 2018.
Home sales and housing price increases both slowed. Starts on commercial building projects were down almost a third from last year’s record levels.
Even with the reduced housing and commercial building activity, 2018 saw no shortage of big real estate deals.
McKesson is moving its headquarters from San Francisco to the company’s Irving office campus.
Biggest move: McKesson Corp.
Pharmaceutical giant McKesson Corp. may leave its heart in San Francisco, but its headquarters are coming to North Texas. The huge medical industry provider is bringing its head office and top officers to Irving.
McKesson is the country’s sixth-largest corporation with 75,000 employees. The firm already has about 1,600 people working in Dallas-Fort Worth and plans to shift several hundred jobs with the headquarters move.
The Infomart in Dallas sold for $800 million.
Biggest sale: Dallas’ Infomart
The $800 million sale of Dallas’ landmark Infomart building isn’t just the biggest property buy of 2018 —it’s also one of the largest on record for North Texas.
Global data center company Equinix bought the white filigreed Infomart on Stemmons Freeway northwest of downtown. The 1.6 million-square-foot Infomart was built in the 1980s and inspired by London’s famed 19th-century Crystal Palace.
Home sales in North Texas dipped in 2018 and price increases slowed.
Biggest change: The home market slowdown
North Texas’ housing market has been on a tear the last few years, with record sales and soaring prices. Median home costs in D-FW are 50 percent higher than a decade ago.
But rising mortgage costs and a shift in buyer attitudes put the brakes on the local housing boom in the second half of 2018.
Expect slower sales and smaller price increases in the year ahead.
Dallas developer KDC and architect Pelli Clarke Pelli planned a 10-block campus for Amazon in downtown Dallas.
Biggest one that got away: Amazon
After months of speculation and lobbying by economic development groups across the nation, Amazon finally decided where it will build its so-called HQ2. Dallas was close but got no cigar in the competition won by New York and Washington, D.C.
Another big tech office move by Apple to Austin just rubbed salt in North Texas’ wounds over the lost office deals.
The 41-story Atelier apartments in downtown Dallas is one of the tallest buildings under construction in North Texas.
Biggest building boom: High-rise apartments
With more than a dozen residential towers on the way, D-FW’s apartment market is reaching for the sky with a new generation of rental housing.
More than 4,000 luxury apartments are on the way in high-rises stretching from downtown Dallas to Frisco.
Amli’s 45-story Fountain Place Tower and ZOM’s 41-story Atelier — both under construction downtown — are the two tallest buildings on the way in Dallas.
The new owners of Plano’s Collin Creek Mall plan to redevelop the aging shopping center.
Biggest redevelopment plan: Collin Creek Mall
Plano’s struggling Collin Creek Mall has a new owner with a plan to redevelop the 37-year-old shopping center.
Developer Mehrdad Moayedi bought most of the 1.1 million-square-foot mall on U.S. Highway 75.
Moayedi’s Centurion American Development Group plans to replace the failing mall with a $1 billion mixed-use development that includes shops, restaurants, offices, hotel rooms and housing.
A neighborhood of old buildings on downtown Dallas’ east side is getting a makeover.
Biggest neighborhood reboot: East Quarter
Developers who bought up more than a dozen old commercial buildings on downtown Dallas’ eastern edge plan to create a new mixed-use neighborhood.
Called East Quarter, the redevelopment is made up of buildings mostly constructed from the 1920s to 1930s, which are being converted to new offices and restaurant space by developer Todd Interests and J.P. Morgan Asset Management.
The plan seems to be working. East Quarter just signed a big office lease with tech firm Dialexa.
Wade Park sits unfinished next to Dallas North Tollway in Frisco.
Biggest question: Wade Park
One of North Texas’ biggest proposed developments heads into the new year with the same question from a year ago: What’s going to happen to Wade Park?
Work stopped on the $2 billion mixed-use project in Frisco more than a year ago, leaving behind half-finished buildings and a huge hole on Dallas North Parkway.
Since then, developers have been working to line up financing to restart the 175-acre project, but so far nothing’s changed. Lenders have once again scheduled a January foreclosure for the high-profile property.
Ebby Halliday Realtors sold to Omaha-based Berkshire Hathaway.
Biggest change in owners: Ebby Halliday
This year’s sale of Dallas’ venerable Ebby Halliday Realtors to Nebraska tycoon Warren Buffet marked a big change in the local home sales scene.
For decades, home-grown Ebby Halliday has been the biggest and best-known residential sales company in Dallas-Fort Worth.
Founder Ebby Halliday died at 104 in 2015, leaving behind the 73-year-old firm that still has her name.
Buffet’s Berkshire Hathaway paid a reported $100 million for the firm, which has more than 1,500 local agents.
Nokia leased offices in two new buildings in the Cypress Waters development.
Biggest office lease: Nokia
International telecom firm Nokia’s lease of 350,000 square feet of offices in the booming Cypress Waters development northwest of Dallas topped the list of big office rental deals in North Texas this year.
Steward Heath’s lease of 300,000 square feet of office in the Galatyn Commons buildings in Richardson and Samsung’s 200,000-square-foot-plus regional headquarters lease at Legacy Central in Plano were also among the biggest office deals.